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South Lake Tahoe Real Estate Update

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June 6th, 2020  

  

 
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Navigating the Economy & Housing Market Through COVID-19
Navigating the Economy & Housing Market Through COVID-19
Pent-up housing demand during state shutdowns is about to be unleashed as many coronavirus-related restrictions to daily life are lifted or relaxed and consumers return to the real estate market, says Lawrence Yun, chief economist for the National Association of REALTORS®. In the latest video from NAR’s “Pivot in Place” series, Yun says home sales are bouncing back from their bottom during the COVID-19 pandemic and offers strategies to prepare your clients to make moves quickly amid the return of bidding wars. Looking forward, the market is ripe for robust activity. Mortgage applications are defying economists’ expectations, rising 54% since April, the Mortgage Bankers Association reported last week. Mortgage rates for 30-year loans have broken through record lows three times in as many months, making borrowing costs favorable for prospective buyers who are looking to get off the fence and purchase. And even though NAR reported a 21.8% drop in pending home sales in April, the association says they likely won’t go any lower. Meanwhile, home prices continue to rise, even as uncertainty around the pandemic persists. Finish reading here.
 
Today, we are in the midst of yet another in a long string of unspeakable tragedies affecting our country: the May 25 death of George Floyd. We are profoundly saddened by this event and by the social unrest currently occurring nationwide, and we repudiate – in the strongest possible manner – the egregious instances of racial injustice continuing to occur.
These heinous events serve as constant reminders that intolerance and inequality are part of our American experience. And so we are compelled to speak out – against events that thrash the very values of inclusion and equality that we espouse. Not only for those buying, selling, or renting housing, but for everyone. We cannot remain silent hoping it will go away. That’s not how it works. As a community of professionals working and living through extraordinarily challenging times, we must actively work for real change, and we must make certain that the opportunity to live a free, just and secure life exists for every individual. The CALIFORNIA ASSOCIATION OF REALTORS® remains committed to supporting the dignity and worth of all individuals, and to work vigorously to defend policies that bring justice, opportunity and security for all. 
The 30-year fixed-rate mortgage dropped to an average of 3.15% during the week ending May 28, a decrease of nine basis points from the previous week, Freddie Mac FMCC, reported Thursday. This represents the lowest level since Freddie Mac began tracking this data starting in 1971. A year ago, the 30-year fixed-rate mortgage averaged 3.99%. The previous record low was set at the end of April, when the average rate on a 30-year home loan dropped to 3.23%. This is now the third time in 2020 when the mortgage market has recorded a new historical low for interest rates. Click here to read more.
 South Lake Tahoe Real Estate Market Stats
With a 6.1 monthly absorption rate, we are sitting between a buyer’s market and a seller’s market, or in other words a balanced opportunity market. Given the current state of the Covid world and while access to Tahoe for many is virtual, somewhat counter- intuitively, we are still enjoying an active real-estate market where solid values can be obtained by the buying and selling markets. Real estate listing Inventory is maintaining a slow but solid number of new listings coming to market while other inventory leaves the market in the form of sales (see absorption rate above) or expired listings. What we look for in these leading indicators is direction of the RE market for purposes of anticipating pricing and sales expectation. What we see currently is consistency (as opposed to volatility, such as the liquid equity investments markets). Please don’t hesitate to reach out to us and discuss the market place and how this might affect your plans for your real-estate at the moment we have green lights and blue skies but we’ll have to view it virtually! We can do that!!! To compare this report to last weeks, click here. To learn how to use the absorption rate, click here. 

 
Opens 

Open Houses D

 


Please call to setup your personal open house! Look below for the agent’s phone numbers who will be at the designated house you’re interested in! Call them for more information. 

NEW LISTING! 
220 Terrace View Dr
A one of a kind must see pristine 1973 custom home with an attached 800 sqft 4 car garage. When you walk though the doors you are welcomed by a great room featuring large beam vaulted ceilings, floor to ceiling rock fireplace and wall to wall windows in the living room allows for amazing views of the lake- no art necessary! The main floor has a great room, master bed, 2nd bed and hall bath. There is a loft with 1 additional bed upstairs. Take the elevator down to the second floor and you have the exact same layout with a kitchenette, master and 2nd bed. This could be turned into a second unit if one desires. Keep this home in its mint condition 1973 design or customize to your hearts desire.
 
Shannon Whitt
Call Shannon Witt 530-863-0548 

1129 Sundown Trail $629,000          
NEW LISTING! 
1129 Sundown Trail
Come make this gem located in South Lake Tahoe’s most established and desirable neighborhoods yours! This updated home in the Golden Bear section of Montgomery Estates is centrally located. A short drive from Heavenly Valley, Lake Tahoe beaches, the shops at Ski Run, and the live music, restaurants and action of Stateline. Enjoy the tranquility of walking down to the river or the soundtrack of the mountain chickadees from your deck or recently fenced yard.
 
Call Mason Hibbard 415-990-1212

 2957 Pinewood Dr. $618,000           
NEW LISTING! 
2957 Pinewood Dr
Beautifully updated mountain oasis. This chalet sits towards the back of the property offering a peaceful spot on an already quiet street with natural landscaping. Inside you will find an open floor plan with 2 bedrooms & 1 bath downstairs, and 2 bedrooms and 1 bath upstairs. Upgrades include new roof, new flooring, new HVAC, new cabinets, new butcher block counters, fully remodeled bathrooms, new appliances, new windows, doors, and new bear box! Nest thermostat & new uninstalled TRPA compliant wood burning fireplace. All you need is your suitcase!
 
Call Bret Howard 530-318-5439 

1323 Keller Rd. $1,190,000          
 
1323 Keller Rd
Surrounded by forest with peek-a-boo Lakeview’s, this one of a kind mountain masterpiece is a must see. Built in 2004, this home was finished with attention to the finest detail. Dramatic 22′ open beam ceilings, 60 wood-clad windows and skylights plus rustic maple flooring. The professional chefs kitchen includes built in appliances, granite slab counter tops and custom Alder cabinetry. The home offers not one but two master suites, 4 jetted tubs in all, a game room and hot tub situated in the trees. Located just down the street from the California Lodge at Heavenly on a 10600 sqft lot backing to USFS land. 
 
Wally Johnson
Hosted by Wally Johnson

 
1879 Bella Coola
Call this Tahoe Paradise” lovely home your Mountain get away or home sweet home! 
Completely furnished for those that are ready to move right in and start having the time of your life in this truly well located roomy 3 bdrm. 2.5 bath home with open living style. The floor plan lends itself to entertaining or cozying up on those snowy winter eves and simply enjoy the good life while sitting by the fireplace. Indoor /outdoor living gives plenty of space to roam. The yard beckons as it opens up to rolling lawn and landscaped sitting areas not to mention the hot tub that awaits after a fun day out. But perhaps best of all is the out your door access to hiking & biking trails or wander down and enjoy the Meyers downtown and enjoy some of the local color! Snow season is upon us with 3 resorts mere minutes away! Yes, you can have it all. Well priced for this turnkey county home, only thing missing is you! 
Call Tambra Anderson 530-721-5588
Opens Featured Listings

       
2208 Marshall Tr
Beautiful custom Tahoe home situated on a sunny corner lot in Montgomery Estates. Located across the street from national forest, this 4 bedroom 2.5 bath home boasts 2,995 square feet of living. Thoughtfully laid out design allows for single level living with master bedroom, kitchen, dining, living and laundry room on the first floor. A spacious loft, full bath, and 2 additional rooms encompass the second story. Enjoy yourself outside in the spa while looking at the forest. This property has everything in place and is ready for its new buyers personal touches! 
 

 
2329 Nekos Way
Perfect Quarantine Retreat!! This once in a lifetime opportunity to own a rare 6.76 acre parcel with its own private gated entrance off State Hwy 89 right past Baldwin Beach is now available. This beautifully forested parcel backs to two merging seasonal creeks and has wonderful views of Mt Tallac. The current 700 sqft 1 bedroom 1 bath house was fully rebuilt in 2014 from the ground up. In addition to the main living area 550 sqft of decking was added to allow for outdoor entertaining. Fully upgraded private well and plumbing provides pristine drinking water. The storage shed is roomy and could be turned into an additional sleeping area. The private gated road allows you the sole access to this gem. There is still over ~64,000 sqft of Bailey 5 coverage on the property to build your dream compound or sell off! Hiking and outdoor adventures wait for you once you exit the house. 

 
1901 Delta St
This beautiful 2-story custom home is walkable to all the restaurant and shopping amenities at the Y as well as a short drive/bike to South Shore’s best beaches! The upstairs living features an elegant kitchen that flows into the large living area; is perfect for those that love to entertain. Custom touches include granite slab counters, Milgard windows, French doors all with Hunter Douglas insulated honeycomb blinds, vaulted ceiling with recessed lighting, birch cabinets and a large walk-in pantry! The master suite features a Jack-n-Jill bathroom with privacy doors, triple sinks, stall shower with dual showerheads and large closet. Enjoy Tahoe nights from the upstairs deck, landscaped backyard or stare at the stars from the hot tub. 

 749 Whitney Dr. $199,750          
749 Whitney Dr.
 
The good life begins here! Tahoe Keys Lagoon front vacant parcel ready for you to take the next step and build your dream home. This setting is quite spectacular with views of Sierra mountain peaks, Mt Tallac and Heavenly Valley. Not to mention the beauty that comes with the lagoon location; year round seasons and wildlife on full display. But wait it gets better! This parcel also come with a boat slip in the Tahoe Keys Marina F-13. Tahoe Beach and harbor HOA amenities also include: clubhouse, tennis courts, pier, beach access and playground and so much more. 
 

       
885 Rainbow Dr
Calling all buyers. Here is your chance to own a custom Tahoe home in South Lake Tahoe. This home is located in a quiet neighborhood close to all the bike trails, beaches, Camp Richardson, Fallen Leaf Lake, shopping and restaurants. The attention to detail has been found at this property. The main floor encompasses the great room with wood flooring thru out, hickory cabinets, natural wood bar and stainless steel appliances in the kitchen, large windows thru out to let all the natural light in, cobblestone fireplace with gas insert in the living room area and a large deck for entertaining and relaxing. The master bedroom boasts vaulted ceilings with a custom etched glass window, large walk in closets, master bath with Jacuzzi tub, heated natural stone floors and large enclosed shower. Downstairs you will find an additional family room with two large bedrooms, large bathroom with double sinks and the laundry room. The back yard is the perfect spot for the fur babies being fully fenced.

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